在更广泛的缺乏上市人工智能受益者的市场陷入挣扎之际，被视为全球人工智能热潮替代标的的一小部分印度股票今年大幅飙升。
M A handful of Indian stocks seen as proxies for the global artificial intelligence boom have surged this year even as the broader market, which has few listed AI beneficiaries, has struggled.
印度基准的 Nifty 50 指数（.NSEI）在 2026 年下跌了 13%，有望创下自 2011 年以来的最差年份。相比之下，明晟新兴市场指数（.dMIEF00000PUS）今年迄今已上涨超过 18%。
India's benchmark Nifty 50 (.NSEI) index has fallen 13% in 2026, putting it on track for its worst year since 2011. MSCI's emerging markets index (.dMIEF00000PUS), by contrast, has gained more than 18% so far this year.
今年印度更广泛的 Nifty 500 指数（.NIFTY500）中表现最好的前 10 只股票有一半与人工智能间接相关，这凸显了投资者对供应支持该技术所需基础设施的公司的胃口。
Half of the top 10 gainers on India's broader Nifty 500 index (.NIFTY500) this year are linked indirectly to AI, highlighting investor appetite for companies supplying the infrastructure needed to support the technology.
“人工智能需要大量的物理基础设施，包括电力、输电设备、光纤连接、冷却和数据中心，”安本投资亚洲股票投资总监丽塔·塔希尔拉马尼（Rita Tahilramani）说。她说：“印度公司正日益参与到这些‘卖铲子’的机遇中。”
"AI requires a huge amount of physical infrastructure, including electricity, transmission equipment, fibre connectivity, cooling, and data centres," said Rita Tahilramani, investment director of Asian equities at Aberdeen Investments. "Indian companies are increasingly participating in these 'picks and shovels' opportunities," she said.
例如，光纤电缆制造商 Sterlite Technologies（STTE.NS）的股价今年已飙升 804%，成为 Nifty 500 指数（.NIFTY500）中表现最好的公司。
Shares of optical fibre cable maker Sterlite Technologies (STTE.NS) for example, have surged 804% this year, making it the Nifty 500's (.NIFTY500) top performer.
野村证券的分析师在上周的一份报告中表示：“强劲的数据中心新增量和受限的供应正在推动光纤电缆需求超级周期。”
"Robust data center addition and constrained supply is driving (an) optical fibre cable demand supercycle," analysts at Nomura said in a note last week.
其他表现亮眼的股票包括电信设备和光纤制造商 HFCL（HFCL.NS）、制造用于为数据中心供电的燃料电池单元的 MTAR Technologies（MTAR.NS）、电子制造商 Syrma SGS（SYRM.NS）以及发电机制造商 TD Power Systems（TDPS.NS），这些公司的股价在 2026 年均上涨了 123% 至 287% 之间。
Other standout gainers include telecom equipment and optical fibre maker HFCL (HFCL.NS), MTAR Technologies (MTAR.NS), which makes fuel-cell units used to power data centres, electronics manufacturer Syrma SGS (SYRM.NS) and generator maker TD Power Systems (TDPS.NS), which have all added between 123% and 287% in 2026.
凯明基金（Carmignac）基金经理娜奥米·韦斯特尔（Naomi Waistell）表示：“股价变动的幅度部分反映了在印度这样一个几乎没有直接人工智能受益者的市场中，这些投资敞口的稀缺价值。”
"The magnitude of the share-price moves partly reflects the scarcity value of these exposures in an Indian market with relatively few direct AI beneficiaries," said Naomi Waistell, fund manager at Carmignac.
印度缺乏像台积电或三星那样制造对前沿人工智能模型发展至关重要的高级芯片的上市公司，这些模型推动了韩国和台湾股市的大幅上涨。
India lacks listed companies such as TSMC or Samsung that make advanced chips critical to the development of frontier AI models that have supercharged stock market gains in South Korea and Taiwan.
这种差距以及对估值的担忧，使得外国投资者今年创纪录地抛售了价值 32.52 亿美元的印度股票。
This gap, along with concerns over valuations, has seen foreign investors sell a record $32.52 billion of Indian equities this year.
但与数据中心、光纤网络和电力基础设施相关的公司却逆势而上。其中包括电缆和导体制造商 APAR Industries、Finolex Cables 以及为发电制造涡轮机叶片的 Azad Engineering。
But companies tied to data centres, fibre networks and power infrastructure have bucked the trend. These include cable and conductor maker APAR Industries, Finolex Cables and Azad Engineering, which makes turbine blades for power generation.
交易所数据显示，截至 6 月底，外国投资者在 2026 年 Nifty 500 指数中排名前 10 位的人工智能相关获益股中的持股比例从去年的 10.3% 增加到 13.6%。根据 primeinfobase.com 的数据，在此期间，共同基金也将持股比例从 11.5% 提高到 11.8%。
Foreign investors have increased their stake in the Nifty 500's top 10 AI-linked gainers of 2026 to 13.6% at the end of June quarter, compared to 10.3% last year, exchange data showed. Mutual funds also raised their stake to 11.8% from 11.5% during the period, according to primeinfobase.com.
随着投资者将这种耗能巨大的技术的影响考虑在内，电力相关公司也从中受益。CG Power（CGPO.NS）和阿达尼电力（ADAN.NS）是今年 Nifty 基础设施指数（.NIFTYINFRA）中涨幅最大的股票之一。
Power-related firms have also benefited as investors account for the impact of the energy-hungry technology. CG Power (CGPO.NS) and Adani Power (ADAN.NS) are among the biggest gainers on the Nifty Infrastructure index (.NIFTYINFRA) this year.
Avendus Wealth Management 公共股票主管斯瓦加塔姆·比斯瓦斯（Swagatam Biswas）表示：“人们可以纳入更高的发电和消费估计，并炒作电力生产商和输电公司。”
"One can build in higher power generation and consumption estimates and play the power producers and transmission companies," said Swagatam Biswas, head, public equities at Avendus Wealth Management.
根据房地产服务公司仲量联行（JLL）的数据，印度的数字中心容量可能从 2026 年中期的 1.6 吉瓦几乎翻两番，到 2029 年达到 6 吉瓦。全球超大规模数据中心运营商正承诺投入超过 50 亿美元，到那时在该国建设 1.4 吉瓦的容量。
India's data centre capacity could nearly quadruple from 1.6 GW in mid-2026 to 6 GW by 2029, according to real estate services firm JLL. Global hyperscalers are committing more than $50 billion to build 1.4 GW of capacity in the country by then.
印度供应商正越来越多地从这些客户那里赢得大笔订单，并出口光纤、燃料电池及相关设备。
Indian suppliers are increasingly winning large orders from these customers as well as for exports of optical fibres, fuel cells, and related equipment.
HFCL 在 3 月份从一家全球超大规模数据中心运营商那里获得了价值高达 11 亿美元的五年期合同，而 Sterlite 今年签署的供应协议总价值可能超过 20 亿美元。Black Box 还赢得了美国一家超大规模数据中心运营商 1.31 亿美元的数据中心订单。
HFCL secured a five-year contract worth up to $1.1 billion from a global hyperscaler in March, while Sterlite signed supply agreements potentially worth more than $2 billion combined this year. Black Box also won a $131 million data-centre order from a US-based hyperscaler.
然而，在经历了急剧反弹之后，投资者警告称，过高的估值意味着人工智能支出的任何放缓都可能带来打击。
After the sharp rally, however, investors warn that stretched valuations mean any slowdown in AI spending could bite.
印度资本增长基金（India Capital Growth Fund）首席顾问高拉夫·纳兰（Gaurav Narain）表示：“高估值是主要风险，尤其是在将近期增长外推至长期预测的情况下。”
"High valuations are the major risk, especially in cases where near-term growth is extrapolated to long-term projections," said Gaurav Narain, principal adviser to India Capital Growth Fund.