航空客流持续走强，申通并购丹鸟落地

Group 1: Industry Dynamics - The Shanghai export container freight index has decreased, with the SCFI composite index down 3.6% week-on-week to 1495 points, while the BCTI index increased by 4.2% to 644 points [1][5] - The U.S. soybean market is returning to China, with expectations of purchasing at least 12 million tons of U.S. soybeans in the last two months of 2025, potentially boosting demand for Panamax bulk carriers [4][5] - The logistics sector is experiencing a resilient demand for e-commerce express delivery, with a focus on reducing "involution" competition, which is expected to enhance service quality and profitability [2][11] Group 2: Company Developments - Shentong has completed the acquisition of Danbird Logistics, which is expected to enhance its market share and service capabilities in the domestic express delivery sector [3] - The logistics landscape is shifting towards a dual network model of "franchise + direct operation," leveraging Danbird's warehousing and distribution capabilities [3][11] - The recent extension of visa-free policies for certain countries is anticipated to boost inbound tourism, positively impacting airlines and related sectors [7][8] Group 3: Shipping and Freight Rates - The BDI index for bulk carriers has increased by 1.3% to 1992 points, indicating a positive trend in the bulk shipping market [6] - The newbuilding price index has decreased slightly, reflecting ongoing adjustments in the shipbuilding market amid fluctuating demand [6][13] - The oil tanker market is expected to benefit from OPEC+ production increases and potential interest rate cuts, enhancing the outlook for companies in this sector [12]