[SMM Computing Power Midday Review] A100 monthly rental prices catch up, H200 long-term contract leasing exceeds 130,000

[Market Overview]

Of the 19 indices collected this morning, 18 remained unchanged, with the only movement seen in the Yangtze River Delta A100-80G complete machines. Low-priced resources of existing N cards continued to be absorbed, and long-cycle closed prices broke through the upper bound again, presenting a divergent pattern of "shrinking inventory and strengthening long-term contracts."

[A100-80G in the Yangtze River Delta: Low-priced supply cleared first, price center shifted upward]

The lowest monthly rent rose from 35,000 yuan to 38,000 yuan, an increase of 8.6%; the lowest per-card-hour price rose from 6.08 yuan to 6.6 yuan, an increase of 8.6%. The average monthly rent rose from 37,500 yuan to 39,000 yuan, an increase of 4.0%; the average per-card-hour price rose accordingly from 6.51 yuan to 6.77 yuan. The highest price remained unchanged at 40,000 yuan. The low-price tier was absorbed first while the highest price remained unbroken, indicating that the overall price center shifted upward while the ceiling had yet to be opened.

[H200 in Northwest China: Five-year closed price broke through 130,000 for the first time]

64 H200 units in Northwest China were offered for spot rental with a five-year closed contract, two months' deposit and two months' rent in advance, and IB networking, at a monthly rent of 132,000 yuan per unit, equivalent to approximately 22.92 yuan per card-hour, with testing available after signing. This was 4,000 yuan higher than the 128,000 yuan for 256 units with a five-year closed RoCE contract in the same region, an increase of 3.1%, marking the first time this model has exceeded the 130,000 yuan upper bound.

[Pro 6000D in Southwest China: All-inclusive price probed the lower bound]

256 Pro 6000D units in Southwest China were offered with a three-year closed contract, two months' deposit and one month's rent in advance, at a monthly rent of 32,000 yuan per unit, all-inclusive, with networking completed and direct signing with a major manufacturer, equivalent to approximately 5.56 yuan per card-hour. With the compliance version's limited performance compounded by increased supply, the quoted price has probed the lower bound of the range.

[SMM View]

First, the lowest price of A100 rose 8.6% in a single day, reflecting tightening deliverable inventory of Nvidia cards and concentrated confirmation of spot resources from the demand side;

second, H200 long-cycle closed prices rose rather than fell, with sellers' pricing power continuing to strengthen, and the long-term contract logic shifting from "locking prices to hedge risks" to "prioritizing locked-in volume";

third, compliance-restricted models and deliverable existing cards diverged in trajectory, further intensifying market stratification.