[SMM Computing Power Daily] 5090 annual rental 14,800; H200 three-year closed-end 135,000

[5090: Short-term rental at 14,500 yuan, annual rental at 14,800 yuan, two listings on the same day]

A digital technology company released three 5090 full-system short-term rental resources. Each unit is equipped with eight 5090 32G turbo cards, dual Xeon 6530 processors, 512G DDR5 5600 memory, and a 4U 2700W dual-redundant power supply, quoted at 14,500 yuan/unit/month. The data center is located in Hubei, with bandwidth at 12 yuan/M and IP at 50 yuan/unit billed separately. Resources will be released on October 8, with delivery after testing. Rental terms only accept monthly rental or a maximum six-month closed term, and taking all three units together allows for further price negotiation. On the same day, a computing power service provider quoted a batch of 5090 full systems: 128 units in spot, 2T memory per unit, data center located in Qinghai, at 14,800 yuan/unit/month, annual rental minimum, with a preference for three-year closed terms, supporting splitting as needed. The number of cards per unit was not specified in the original statement. Compared with the one-year closed long-term contract at 13,000 to 13,300 yuan/unit/month at end-August, the two quotations are approximately 9% and 14% higher, respectively. However, the three are not homogeneous: the Hubei listing is monthly rental or six-month closed term with bandwidth and IP listed separately, while the Qinghai listing is annual rental for the entire batch with 2T memory configuration. The Qinghai annual rental quote is actually higher than the Hubei short-term rental quote, with configuration differences being the main explanation, and the two are not directly comparable. Both are single-channel quotations with no transaction verification yet.

[H200: 135,000 yuan three-year closed deal, highest in the long-term contract series]

A computing power service provider closed a deal for a batch of H200 full systems at a Guangdong data center. Each unit has eight SXM5 cards (141GB×8, NVLink4), three-year closed term, transaction price of 135,000 yuan/month/unit, two months' deposit and one month's payment, delivery period of 45 days (approximately 30 days for delivery, including a 15-day exemption period), electricity included with IB networking and storage included. Storage at 330 yuan/T, public IP at 50 yuan/unit, and shared bandwidth at 15 yuan/M are billed separately. The entire batch of 64 units was taken by a large internet enterprise. Compared with mainstream quotations for long-term contracts over the same period at 116,000 to 117,000 yuan/month, short-term rentals above 120,000 yuan, and intermediary quotations at 137,000 yuan/month, this deal is approximately 15% higher than mainstream long-term contracts and close to the intermediary quotation range. Combined with this week's series: on September 28, 30 units of futures in Jiangsu were cleared at 128,000 yuan; on the same day, one spot unit in Hubei was listed at 140,000 yuan (including 100M dedicated bandwidth and one IPv4); this deal landed at 135,000 yuan with a three-year closed term, electricity included, and networking included. The three have different scopes—batch futures clearance, three-year closed term with storage and bandwidth billed separately, and spot listing with bandwidth included—together forming a price band of 128,000 to 140,000 yuan. Cross-scope comparison requires first aligning whether bandwidth, storage, and IP are included.

[Other market developments]

DDR5 64G 5600 tax-inclusive: three quotations were collected on September 29: Samsung at 18,250 yuan, Hynix at 18,200 yuan, and Kingston at 17,100 yuan, with a median of 18,200 yuan, rebounding 800 yuan from 17,400 yuan on September 28. Over the past ten pricing days, the median for this specification has fluctuated between 17,400 and 18,200 yuan, with daily samples of only 1 to 4 entries, not enough to support trend judgment. On the same day, the 64G 4800 specification was quoted at 16,900 yuan by both Samsung and Hynix. Brand stratification continues: Samsung and Hynix quoted 18,200 to 18,250 yuan, while Kingston is approximately 1,100 yuan lower. On the procurement side, a Hong Kong channel quoted H200 full systems at $760,000/unit for same-platform resources, which falls under cross-border procurement scope and is a different system from domestic rental monthly rates, so it is not included in price statistics. Another channel reported that H100-related contracts are difficult to issue before the holiday, with transaction pace shifting later.

[Policy developments]

The State-owned Assets Supervision and Administration Commission of the State Council stated clearly at the "Launch of the 15th Five-Year Plan" press conference that central state-owned enterprises will continue to increase investment in computing power networks during the 15th Five-Year Plan period, orderly build eco-friendly intelligent computing centers, deepen computing-power coordination and computing-network integration, and accelerate the implementation of direct green electricity connections. The press conference disclosed that the electricity-carbon-computing collaborative operation system has reduced computing power electricity costs by 30%, and scheduling platforms such as "Xirang" and "Computing Network Brain" provide inclusive Token services to the public. The Hubei Provincial Data Bureau and six other departments issued the "Action Plan for Promoting High-Quality Development of the Internet and Related Service Industries (2026-2028)", implementing computing power vouchers, issuing data vouchers, and pioneering "scenario vouchers" nationwide, with subsidies of up to 500,000 yuan for entities opening real application scenarios and rewards of up to 1 million yuan for innovative application cases. The 5th Global Digital Trade Expo featured a Token-themed exhibition zone for the first time, with the establishment of the Zhejiang Provincial Token Operation Center and the launch of the "Shuyuan Zhijiang" platform, converting computing power resources into standardized Token service products. Other reports noted that high-end intelligent computing resources are in undersupply while low-end computing power sits idle, and the new round of computing network construction adopts a model of "project approval with orders + third-party professional operation" to curb new idle capacity from the approval source.

[SMM analysis]

First, 5090 quotation levels have moved up, while comparability has declined. The two listings on the same day came in at 14,500 and 14,800 yuan, with different rental term structures, memory configurations, and whether bandwidth and IP are included. The annual rental quote is actually higher than the short-term rental quote. Price comparison must first align four items: whether bandwidth is included, full system or single card, rental term and payment, and attribution of IP, electricity, and maintenance costs. Otherwise, the price spread cannot be ruled out as merely a scope difference. Second, the H200 premium comes from "lock-in" rather than specifications. The 135,000 yuan three-year closed term is approximately 15% higher than mainstream long-term contracts, forming a price band of 128,000 to 140,000 yuan together with the 128,000 yuan futures clearance and the 140,000 yuan spot listing. The differences are determined by rental term length, whether electricity and networking are included, and whether bandwidth and storage are listed separately—these are condition combination differences, not changes under the same scope. Third, the memory spot median returned to 18,200 yuan but remains within the range, rebounding 800 yuan from September 28. Over the past ten pricing days, it has fluctuated between 17,400 and 18,200 yuan. The sample size is small and brand stratification dominates the price spread, not enough to confirm a trend reversal. Fourth, policy tools are shifting from supply-side subsidies to demand-side subsidies. Scenario vouchers, computing power vouchers, and data vouchers form a demand-side subsidy combination. The Token zone and provincial-level Token operation centers promote the commoditization of computing power. At the central state-owned enterprise level, it is clear that computing power network investment will continue to increase during the 15th Five-Year Plan period, which is positive for rental demand. If the RTX PRO 5500 is approved, it will affect China's supply structure, but this has not been officially confirmed and is only tracked as a monitoring item, not included in judgment.