报告为北美化工行业周度产业链跟踪与模型更新，行业观点为In-Line（同步大盘）。聚乙烯方面，美国国内现货价格周环比持平至+1美分/磅，10月销售强劲但现货成交清淡、出口新单有限，亚洲价格走平而中国买兴转弱，欧洲现货上涨6-11美元/吨；聚丙烯美国现货+1美分/磅，预计10月开工率约90%、四季度约85%。烧碱美国现货跌5美元/吨（-1.2%），欧洲涨15美元/吨（+3.2%）。PVC美国现货跌5美元/吨，欧洲跌10欧元/吨。MDI亚洲pMDI均价涨0.6%，欧洲10月合同价涨约110欧元/吨（+4.1%）。锂价方面，中国电池级碳酸锂跌4.8%至99,350元/吨，氢氧化锂跌4.2%。模型调整：恢复Axalta（AXTA）盈利预测，3Q26 EPS为0.70美元；Westlake（WLK）目标价由92美元下调至76美元，3Q26 EPS由2.05美元降至0.51美元。
This weekly note updates North American chemicals chain pricing and Morgan Stanley's models, with the industry view maintained at In-Line. In polyethylene, US spot domestic prices were flat to +1cpp w/w and export prices flat to +1cpp, with October sales described as robust though spot domestic volumes were light and new export deals limited; Asian prices were flat on weakening Chinese buying interest, while European spot rose $6-11/MT. US polypropylene spot was +1cpp w/w with export prices flat, and effective operating rates are expected near 90% in October and ~85% in 4Q. US caustic soda fell $5/dmt (-1.2%) while European caustic rose $15/dmt (+3.2%). US PVC fell $5/MT and European PVC fell EUR10/MT. Asian pMDI rose 0.6% on average and October European pMDI contracts settled up about EUR110/MT (+4.1%). Chinese battery-grade lithium carbonate fell 4.8% to RMB99,350/t and hydroxide fell 4.2%. On estimates, the team reinstates Axalta (AXTA) forecasts with 3Q26 EPS of $0.70, and cuts Wes