[SMM Computing Power Midday Review] All 30 H200 units in Jiangsu were cleared as futures, with a transaction value of 128,000 yuan.

[Market Overview]

SMM computing power leasing benchmark prices consolidated overall today, with quotations for all 17 categories unchanged from the previous trading day. On the price collection side, the key signal today came from H200: a batch of 30 futures units at a Jiangsu data center was fully cleared, with a final transaction price of 128,000 yuan/unit/month, below the lower end of its previous external quotation range of 130,000 to 140,000 yuan.

[H200: 30 Jiangsu Futures Units Cleared, Transaction at 128,000 Yuan Below Quotation Lower End]

A computing power service provider listed a batch of H200 HGX full-system futures resources at a Jiangsu data center in early September, totaling 30 units, with an external quotation of 130,000 to 140,000 yuan/unit/month, originally planned to go online at month-end. Follow-up tracking shows that the entire batch has been leased out, with a final transaction price of 128,000 yuan/unit/month, 2,000 yuan below the lower end of the quotation range.

[SMM View]

The key clue for H200 today is the gap between quotation and transaction: the external listing price was 130,000 to 140,000 yuan, while the actual settlement was 128,000 yuan, with the transaction price falling outside the lower bound of its quotation range, indicating that the upper end of the listing is difficult to realize under bulk delivery conditions. SMM believes that while small-batch, near-delivery H200 resources still have room for a premium, the premium magnitude is constrained by the upper end of contemporaneous long-term contract quotations. Small-batch tiers above 130,000 yuan/unit/month lack transaction support, and whether the listing price midpoint for similar resources will shift downward subsequently warrants continued tracking.