印度AI产业链，第一部分："AI赋能者"潜藏于落后指数之下

India has become the default "anti-AI" trade, with Indian equities among the weakest performing major markets globally since 2025, as the market's AI-exposed share of the index is far below regional peers such as Korea, Taiwan, China and Japan, making India among the least correlated major markets to the global AI theme. Yet beneath the surface of a laggard benchmark, a distinct and rapidly compounding pocket of AI-infrastructure beneficiaries - predominantly mid, small and micro cap companies - is delivering some of the strongest equity returns in India. While the Nifty has declined, a cohort of 42 "AI Enablers", with a combined market cap of US$670bn across power, data center and semiconductor segments and screened from 1,800 listed companies, surged sharply over the same period, the best-performing pocket in the market by a wide margin. Many of these players focus on power equipment, data center hardware, semiconductor OSATs, power generation, data center operation and semiconductor