Annotation: The article describes the problems of qualitative renewal of the theory and practice of application of factors of modern production, where the technology of their interaction plays an increasingly significant role. The key problems in the sphere of development of total factor productivity (TFP) are identified: incomplete consideration of openness and growing complexity of the modern economy, underestimation of non-economic conditions and factors in qualitative renewal of human capital as the creator and integrator of all technological forms, low level of protection of property rights, rent-oriented behavior as a source of conflict of interests, etc. The novelty of the research results lies, firstly, in substantiation of the transition from the totality of production factors, within the TFP, to their systemic and interconnected unity; secondly, in shifting the scientific and practical vector in the study of TFP in favor of enterprises as primary links of the economy. It is shown that total factor productivity is intended to become an object of transformation from the traditionally priority macroeconomic analysis to the level of the firm while simultaneously positioning the phenomenon of corporate systemic factor productivity (CSFP).

Annotation: The article is devoted to the study the impact of the Russian initial public offering (IPO) market on the national stock market capitalization, taking into account macroeconomic conditions. The analysis of the IPO market was conducted, which examined the dynamics of the MIPO index in the period 2024–2025, and studied the volumes of funds raised and the post-IPO dynamics of the capitalization of issuer companies that carried out placements in the first half of 2024. The regression analysis was used to assess the impact of the volume of funds raised through IPO and SPO on the total capitalization of the Russian stock market, taking into account macroeconomic factors in the model, such as GDP, the M2 monetary aggregate, stock trading volume, the long-term federal loan bonds rate, and the exchange rate. A statistically significant positive relationship was revealed between the volume of funds raised through IPOs and SPOs, and market capitalization. The article presents promising areas for the development of the IPO market in Russia, including measures of state support and increasing the investment attractiveness of companies.

Annotation: The article discusses the methodological basis for assessing the level of competition in the banking services market. Along with a variety of coefficients and indices, most of the methods used often do not take into account subjective factors, such as public satisfaction with the banking sector. The article proposes an original methodol- ogy that combines objective (quantitative) market indicators with subjective assessments of public satisfaction. The assessment of all factors in points allows us to form a combined assessment of competition in the regional market and determine the market category based on the level of competition development. The methodology has been tested in several regions, resulting in a clear and interpretable assessment. Of the seven regions, four were in the zone of underdeveloped competition, one was in the zone of insufficiently developed competition, and two were on the border between insufficiently developed and developed competition The results obtained can serve as a basis for developing a set of measures to promote competition in the banking services market in the relevant market category or for adjusting it in the roadmap.

Annotation: The article examines the potential of tokenizing equity rights in privately held companies as a tool to narrow the gap between current stock market capitalization and the 2030 target benchmark. The problem stems from the high concen- tration of capitalization and limited availability of public offerings for mid-segment companies, which constrain the expansion of issuers and the range of instruments on sale. The methodology includes analysis of capitalization dynamics for 2020–2025, comparative analysis of legal regimes for tokenization of securities and Russian regulation of digital financial assets, construction of a causal model and scenario assessment. Tokenization has been found to affect capitali- zation through lower transaction costs, increased secondary liquidity, greater transparency of corporate rights, and an expanded issuer base. The scenarios show a possible contribution of 3–8 percentage points of gross domestic product by 2030 if a regulated secondary market is formed. The conditions for implementation of the effect have been defined: legal certainty of corporate actions, reliable accounting and treasury infrastructure and proportional protection of investors.

Annotation: The article examines an approach to strengthening the financial resilience of commercial healthcare organizations, enabling a transition from a model of operational stability to a model of strategic adaptability and growth. The theoretical section systematizes external and internal factors of financial resilience, focusing on industry-specific factors: a high proportion of fixed costs, a long financial cycle with insurance companies, mandatory costs for integration with the Unified State Health Information System (EGISZ), and cybersecurity. A three-component structure of adaptive potential is substantiated: positional resilience (liquidity and autonomy), operational sta- bility (profitability), and developmental stability (investment capacity). Using an existing medical organization as an example, a comprehensive diagnostic was conducted, including an analysis of competitive positioning, calculation of financial resilience, liquidity, and profitability ratios, cash flow assessment, and a SWOT analysis. A paradox of “stagnant stability” has been identified: despite formally absolute indicators of financial resilience and revenue growth, the medical organization exhibits critically low profitability, deteriorating material and technical resources, and an inability to self-finance development. In conclusion, a strategy for overcoming the identified dysfunctions is proposed, comprising three interrelated stages: financial stabilization; improving op- erational efficiency through the digitalization of processes; and strategic diversification through the development of medical transportation and telemedicine services, creating a closed-loop service ecosystem. Implementation of the proposed measures will significantly increase profitability and ensure the competitive development of the organization.

Annotation: The article prioritizes low-carbon development measures for the Russian Federation through industrial moderni- zation and energy efficiency improvements. The sectoral structure of anthropogenic greenhouse gas emissions is examined using the National Inventory Report. Using a comparative analysis of technologies, the dominant emission sources requiring priority action were identified. Measures for reducing emissions from enterprises are systematized, including the utilization of secondary energy resources, improved equipment efficiency, carbon dioxide capture, and the reduction of leaks in systems. Implementation constraints related to carbon dioxide handling infrastructure, the capital intensity of projects, and the requirements for measurability and verification of results are highlighted. Feasibility conditions are formulated and logic for selecting measures by emission sources is proposed. It has been noted that the use of carbon capture technologies is economically less preferable in some cases than reducing emissions by improving energy efficiency and replacing used energy resources. The conclusion is that proactive development of energy infrastructure is necessary to prevent an increase in emissions.

Annotation: The article describes the lack of a dynamic model that explains the transition of national economies between different modes of participation in the global production system. Drawing on the theories of global value chains and production networks, the author proposes a three-stage evolutionary model: integration, consolidation, and architectural influence. The model is developed through theoretical synthesis and empirically grounded in the case of China, whose development trajectory from 1978 to the present sequentially illustrates the transition through all three stages. To validate the model, the article employs econometric analysis of time-series and panel data for the world’s ten largest economies over the period 2001–2024. Regression results confirm that R&D intensity, domestic market scale, and export market diversification are the key drivers of progression toward the architect stage. The most robust finding is the negative relationship between export concentration and export sophistication. The proposed approach has analytical value for researchers and practical significance for developing economic policies in the context of increasing competition for the architecture of international production.

Annotation: The article examines the transformation of the Indian labor market in the face of global economic chal- lenges. It examines employment dynamics and the structure of unemployment in contemporary India, analy- ses key trends in labor relations, and highlights the specifics of labor market interactions between India and Russia. This article emphasizes the critical importance of studying demographic factors and structural imbalances in the Indian labor market. Particular attention is paid to the phenomenon of “jobless growth”, gender imbalance, and high youth unemployment. Prospects for Russian-Indian cooperation in the field of human resources are analyzed, including employment opportunities for Indian specialists in Russia and the development of high-tech industries in India. Recommendations are made to improve employment regulation mechanisms and increase the efficiency of labor resource use. The conclusion emphasizes the need for a comprehensive approach to addressing India’s labor market challenges, taking into account internal struc- tural characteristics and opportunities for international cooperation. The study highlights the importance of further developing partnerships between Russia and India to create an effective employment system and realize the potential of both countries.

Annotation: The article examines banking mechanisms of housing construction savings as an instrument for financing housing construction in Kazakhstan. The theoretical foundations of the housing construction savings system are analyzed, which is based on a combination of savings and credit mechanisms of bank financing for housing acquisition. Particular attention is paid to the role of banking institutions in the formation of long-term financial resources for the development of housing construction. The study evaluates the economic efficiency of the housing con- struction savings system and its impact on the development of the construction industry, the expansion of bank lending opportunities for the population, and the improvement of housing affordability. Based on the analysis of statistical data and scientific research, the key advantages of this model are identified, including the formation of a sustainable resource base for banks, the reduction of credit risks, and the stimulation of investment activity in the housing sector. The main constraints on the development of the system related to institutional and market factors are identified. Directions for improving the banking mechanisms of housing construction savings are proposed, aimed at increasing the efficiency of housing construction financing and expanding their role in the development of the national housing market.

Annotation: The article examines the systemic challenges that Russia’s innovation environment faces in the era of global digital transformation and external constraints. An analysis of international rankings (Global Innovation Index, Nature Index) reveals the Russian Federation’s systemic lag in key innovation development indicators. Based on statistical data from Rosstat, the National Research University Higher School of Economics, and expert assess- ments, the article identifies underlying structural problems in Russia’s innovation sector, including high import dependence in many critical sectors, insufficient commercialization of R&D, a shortage of private funding, personnel imbalances, institutional contradictions, and growing digital inequality across regions. It is shown that sanctions pressure has exposed and exacerbated these systemic dysfunctions. It is concluded that systemic modernization of the national innovation system and its adaptation to the conditions of digital transformation are necessary to ensure technological sovereignty, which requires a transition from targeted measures to a com- prehensive strategy of structural transformation.

Annotation: The article examines the features of the modern online pharmaceutical market and identifies future trends in the global and Russian pharmaceutical markets related to the development of online sales and customers’ desire for quick checkout and ease of purchase. Based on secondary data from specialized agencies and research firms, comparative analysis, and a review of the regulatory framework governing the pharmaceutical market, the authors identify trends in the development of the Russian and global online pharmaceutical sector. They also characterize the development model of the Russian pharmaceutical market in comparison with Western and Asian models. Based on an empirical study conducted using an online survey of 200 respondents, the authors conclude that in the country, purchases of over-the-counter drugs by young target audiences on marketplaces and online phar- macies are only gaining popularity, and consumers are skeptical about purchasing medicines. The results of the study are relevant for further research into consumers’ positive or negative attitudes toward online purchases.

Annotation: The article examines the key problems of attracting and retaining young professionals (generation Z) in industrial enterprises, due to the contradiction between the specifics of industrial work and the values of modern youth. The growing need to adapt existing HR practices is substantiated, and the inefficiency of traditional approaches in the context of digital transformation and staff shortages is shown. The necessity of a qualitative revision of motivation systems is proved, where the priority shifts from material remuneration to factors of career growth, psychological security and the meaning of activity. The article considers the role of educational programs implemented within the framework of public-private partnership (using the example of the Professionalism project) as the most ef- fective mechanism for training and attracting young personnel. The research confirms that the strategic reform of the entire human capital management system, based on an understanding of the characteristics of the new generation, is not just desirable, but absolutely crucial for ensuring the long-term sustainability, technological development, and competitiveness of industrial enterprises in the 21st-century economy.