NVIDIA's H200 graphics card has received the green light for export to China. While it falls short of the performance levels of the top-tier models, it marks a substantial leap forward from previous special-edition variants and continues to hold appeal in the Chinese market. At present, a single H200 chip is retailing for roughly 190,000 yuan, whereas a complete rack system is priced at approximately 1.5 million yuan. The performance density of this new model has surged by around six times compared to its predecessor, with only a 30-40% hike in price, presenting a clear edge in terms of overall cost-effectiveness. Nevertheless, domestic firms encounter several constraints when acquiring the H200, including the requirement for full prepayment, non-cancellable and non-refundable orders, and an inability to modify configurations once submitted. Certain industry experts regard these conditions as highly unbalanced, yet there are pragmatic reasons underpinning them. Previously, export bans on the H20 graphics card forced manufacturers to brace for inventory write-down losses of up to $5.5 billion, inflicting considerable financial damage. Although the product was subsequently unbanned, it ultimately fell short of achieving meaningful sales due to technological redundancy and the rise of more competitive domestic options in the Chinese market. Regarding the current policy of requiring full prepayment, NVIDIA officials have highlighted that actual orders can serve as a precise indicator of true market demand. This approach essentially functions as a demand-filtering mechanism, effectively pinpointing companies with genuine procurement intentions and the capacity to independently navigate relevant compliance approvals, thus averting another wave of large-scale order defaults or unsold inventory. As domestic U.S. and global mainstream shipments transition to the B200, B300, and upcoming Rubin series, production capacity and resource allocation for the H200 must also be fine-tuned with greater precision. Against this backdrop, stringent order management not only aids in mitigating inventory risks but also mirrors adjustments in supply chain strategy.