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Objectives To investigate the associations between maternal fine particulate matter (PM 2.5) and PM<10 µm in aerodynamic diameter (PM10) exposure during pregnancy and bronchopulmonary dysplasia (BPD) incidence in very preterm infants (VPIs, gestational age (GA)<32 weeks), with emphasis on trimester-specific susceptibility and effect modification by clinical and environmental factors.Design Retrospective observational cohort study.Setting A tertiary neonatal intensive care unit in China, 2016–2022.Participants 2223 VPIs hospitalised during the study were enrolled after excluding infants with severe congenital malformations, those who abandoned treatment and those who died before discharge. Of these, 59.8% were male.Primary and secondary outcome measures We evaluated the effect of maternal PM 2.5 and PM10 exposure on BPD, adjusted for additional ambient air pollutants (ozone and nitrogen dioxide) as well as demographic and clinical characteristics. We also calculated trimester-specific PM exposure effects and conducted stratified analyses by sex, GA, birth weight (BW) and conception season, with formal interaction testing.Results Among 2223 VPIs included in this study, 684 (30.8%) were diagnosed with BPD. Strong correlations were observed between PM exposure and BPD, with each IQR increase during the entire gestational period associated with ORs of 1.254 (95% CI 1.062 to 1.484) for PM 2.5 and 1.350 (95% CI 1.142 to 1.596) for PM10 in the single-pollutant model. The strongest associations were observed during the second trimester, and the same association was also identified in the two-pollutant model. Stratified analysis revealed a larger OR estimate in subgroups with lower BW (<1500 g) and smaller GA (<28 weeks).Conclusions Maternal PM exposure, particularly during the second trimester, is significantly associated with BPD in VPIs, with heightened vulnerability in males and infants with lower GA and BW. These findings underscore the need for prenatal air quality interventions and targeted monitoring of high-risk subgroups. Future research should explore PM-induced mechanisms of fetal lung injury and validate these associations in multicentre cohorts.