diff --git a/CHANGELOG.md b/CHANGELOG.md
index 41f21c0647b..8bb29d9eedc 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,36 @@
+## [3.4.32](https://github.com/vuejs/core/compare/v3.4.31...v3.4.32) (2024-07-17)
+
+
+### Bug Fixes
+
+* **build:** use consistent minify options from previous terser config ([789675f](https://github.com/vuejs/core/commit/789675f65d2b72cf979ba6a29bd323f716154a4b))
+* **compiler-sfc:** correctly resolve type annotation for declared function ([#11279](https://github.com/vuejs/core/issues/11279)) ([b287aee](https://github.com/vuejs/core/commit/b287aeec3ea85f20e4b1fc3d907c901bdc2a0176)), closes [#11266](https://github.com/vuejs/core/issues/11266)
+* **defineModel:** force local update when setter results in same emitted value ([de174e1](https://github.com/vuejs/core/commit/de174e1aa756508c7542605a448e55a373afb1ed)), closes [#10279](https://github.com/vuejs/core/issues/10279) [#10301](https://github.com/vuejs/core/issues/10301)
+* **hmr:** hmr reload should work with async component ([#11248](https://github.com/vuejs/core/issues/11248)) ([c8b9794](https://github.com/vuejs/core/commit/c8b97945759e869c997d60c3350d2451c5ff7887))
+* **hydration:** fix tracking of reactive style objects in production ([c10e40a](https://github.com/vuejs/core/commit/c10e40a217b89ab7e0f7f3515242d4246ecffbdd)), closes [#11372](https://github.com/vuejs/core/issues/11372)
+* **hydration:** handle consectuvie text nodes during hydration ([f44c3b3](https://github.com/vuejs/core/commit/f44c3b37d446d5f8e34539029dae0d806b25bb47)), closes [#7285](https://github.com/vuejs/core/issues/7285) [#7301](https://github.com/vuejs/core/issues/7301)
+* **reactivity:** ensure `unref` correctly resolves type for `ShallowRef` ([#11360](https://github.com/vuejs/core/issues/11360)) ([a509e30](https://github.com/vuejs/core/commit/a509e30f059fcdd158f39fdf34670b1019eaf2d1)), closes [#11356](https://github.com/vuejs/core/issues/11356)
+* **reactivity:** shallowReactive map "unwraps" the nested refs ([#8503](https://github.com/vuejs/core/issues/8503)) ([50ddafe](https://github.com/vuejs/core/commit/50ddafe91b9195cf94124466239f82c9794699fb)), closes [#8501](https://github.com/vuejs/core/issues/8501) [#11249](https://github.com/vuejs/core/issues/11249)
+* **runtime-core:** avoid recursive warning ([3ee7b4c](https://github.com/vuejs/core/commit/3ee7b4c7b1374c5bdc50a579b49f6bc15022b085)), closes [#8074](https://github.com/vuejs/core/issues/8074)
+* **runtime-core:** bail manually rendered compiler slot fragments in all cases ([3d34f40](https://github.com/vuejs/core/commit/3d34f406ac7497dafd2f4e62ab23579b78a0e08a)), closes [#10870](https://github.com/vuejs/core/issues/10870)
+* **runtime-core:** do not emit when defineModel ref is set with same value ([#11162](https://github.com/vuejs/core/issues/11162)) ([f1bb0ae](https://github.com/vuejs/core/commit/f1bb0aef084b5cdd4d49aecfed01ec106d9b6897)), closes [#11125](https://github.com/vuejs/core/issues/11125)
+* **runtime-core:** errors during component patch should be caught by error handlers ([ee0248a](https://github.com/vuejs/core/commit/ee0248accff589a94688e177e5e3af10c18288cb))
+* **runtime-core:** force diff slot fallback content and provided content ([d76dd9c](https://github.com/vuejs/core/commit/d76dd9c58de24b273bc55af3a8ed81ba693e9683)), closes [#7256](https://github.com/vuejs/core/issues/7256) [#9200](https://github.com/vuejs/core/issues/9200) [#9308](https://github.com/vuejs/core/issues/9308) [#7266](https://github.com/vuejs/core/issues/7266) [#9213](https://github.com/vuejs/core/issues/9213)
+* **runtime-core:** more edge case fix for manually rendered compiled slot ([685e3f3](https://github.com/vuejs/core/commit/685e3f381c024b9f4023e60fe0545dc60d90d984)), closes [#11336](https://github.com/vuejs/core/issues/11336)
+* **runtime-core:** use separate prop caches for components and mixins ([#11350](https://github.com/vuejs/core/issues/11350)) ([b0aa234](https://github.com/vuejs/core/commit/b0aa234e5e7a611c018de68bc31e0cf55518d5ce)), closes [#7998](https://github.com/vuejs/core/issues/7998)
+* **runtime-dom:** properly handle innerHTML unmount into new children ([#11159](https://github.com/vuejs/core/issues/11159)) ([3e9e32e](https://github.com/vuejs/core/commit/3e9e32ee0a6d0fbf67e9098a66ff0a1ea6647806)), closes [#9135](https://github.com/vuejs/core/issues/9135)
+* **teleport:** skip teleported nodes when locating patch anchor ([8655ced](https://github.com/vuejs/core/commit/8655ced480ea0fe453ff5fe445cecf97b91ec260)), closes [#9071](https://github.com/vuejs/core/issues/9071) [#9134](https://github.com/vuejs/core/issues/9134) [#9313](https://github.com/vuejs/core/issues/9313) [#9313](https://github.com/vuejs/core/issues/9313)
+* **v-model:** component v-model modifiers trim and number when cases don't match ([#9609](https://github.com/vuejs/core/issues/9609)) ([7fb6eb8](https://github.com/vuejs/core/commit/7fb6eb882b64bf99a99d00606e54b0e050674206)), closes [#4848](https://github.com/vuejs/core/issues/4848) [#4850](https://github.com/vuejs/core/issues/4850) [#4850](https://github.com/vuejs/core/issues/4850)
+* **v-once:** properly unmount v-once cached trees ([d343a0d](https://github.com/vuejs/core/commit/d343a0dc01663f91db42b4ddb693e6fffcb45873)), closes [#5154](https://github.com/vuejs/core/issues/5154) [#8809](https://github.com/vuejs/core/issues/8809)
+
+
+### Performance Improvements
+
+* **server-renderer:** avoid unnecessary checks in `createBuffer` ([#11364](https://github.com/vuejs/core/issues/11364)) ([fc205bf](https://github.com/vuejs/core/commit/fc205bf4decde5ce0f4a61394ffa3914b502c287))
+* **server-renderer:** optimize `unrollBuffer` by avoiding promises ([#11340](https://github.com/vuejs/core/issues/11340)) ([05779a7](https://github.com/vuejs/core/commit/05779a70bd0b567ae458a07636d229bd07c44c4e))
+
+
+
 ## [3.4.31](https://github.com/vuejs/core/compare/v3.4.30...v3.4.31) (2024-06-28)
 
 
diff --git a/package.json b/package.json
index d405d373f16..e4fa3447529 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "private": true,
-  "version": "3.4.31",
+  "version": "3.4.32",
   "packageManager": "pnpm@9.5.0",
   "type": "module",
   "scripts": {
diff --git a/packages/compiler-core/package.json b/packages/compiler-core/package.json
index f79314ad45b..f3202f80fb0 100644
--- a/packages/compiler-core/package.json
+++ b/packages/compiler-core/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-core",
-  "version": "3.4.31",
+  "version": "3.4.32",
   "description": "@vue/compiler-core",
   "main": "index.js",
   "module": "dist/compiler-core.esm-bundler.js",
diff --git a/packages/compiler-dom/package.json b/packages/compiler-dom/package.json
index b18785c7d74..131abe7b33b 100644
--- a/packages/compiler-dom/package.json
+++ b/packages/compiler-dom/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-dom",
-  "version": "3.4.31",
+  "version": "3.4.32",
   "description": "@vue/compiler-dom",
   "main": "index.js",
   "module": "dist/compiler-dom.esm-bundler.js",
diff --git a/packages/compiler-sfc/package.json b/packages/compiler-sfc/package.json
index e1d81c7cdde..0031aac7df1 100644
--- a/packages/compiler-sfc/package.json
+++ b/packages/compiler-sfc/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-sfc",
-  "version": "3.4.31",
+  "version": "3.4.32",
   "description": "@vue/compiler-sfc",
   "main": "dist/compiler-sfc.cjs.js",
   "module": "dist/compiler-sfc.esm-browser.js",
diff --git a/packages/compiler-ssr/package.json b/packages/compiler-ssr/package.json
index a7b71e94cba..2e90c2f292a 100644
--- a/packages/compiler-ssr/package.json
+++ b/packages/compiler-ssr/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-ssr",
-  "version": "3.4.31",
+  "version": "3.4.32",
   "description": "@vue/compiler-ssr",
   "main": "dist/compiler-ssr.cjs.js",
   "types": "dist/compiler-ssr.d.ts",
diff --git a/packages/reactivity/package.json b/packages/reactivity/package.json
index 8f989994260..bbea042b9cb 100644
--- a/packages/reactivity/package.json
+++ b/packages/reactivity/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/reactivity",
-  "version": "3.4.31",
+  "version": "3.4.32",
   "description": "@vue/reactivity",
   "main": "index.js",
   "module": "dist/reactivity.esm-bundler.js",
diff --git a/packages/runtime-core/package.json b/packages/runtime-core/package.json
index 48ff50e8f8a..f08ce5c9b35 100644
--- a/packages/runtime-core/package.json
+++ b/packages/runtime-core/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-core",
-  "version": "3.4.31",
+  "version": "3.4.32",
   "description": "@vue/runtime-core",
   "main": "index.js",
   "module": "dist/runtime-core.esm-bundler.js",
diff --git a/packages/runtime-dom/package.json b/packages/runtime-dom/package.json
index 490be0fbd28..49b301b4717 100644
--- a/packages/runtime-dom/package.json
+++ b/packages/runtime-dom/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-dom",
-  "version": "3.4.31",
+  "version": "3.4.32",
   "description": "@vue/runtime-dom",
   "main": "index.js",
   "module": "dist/runtime-dom.esm-bundler.js",
diff --git a/packages/server-renderer/package.json b/packages/server-renderer/package.json
index cace5e23b1b..81a3fd1d444 100644
--- a/packages/server-renderer/package.json
+++ b/packages/server-renderer/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/server-renderer",
-  "version": "3.4.31",
+  "version": "3.4.32",
   "description": "@vue/server-renderer",
   "main": "index.js",
   "module": "dist/server-renderer.esm-bundler.js",
diff --git a/packages/shared/package.json b/packages/shared/package.json
index a332a6ac4e0..c60f0873017 100644
--- a/packages/shared/package.json
+++ b/packages/shared/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/shared",
-  "version": "3.4.31",
+  "version": "3.4.32",
   "description": "internal utils shared across @vue packages",
   "main": "index.js",
   "module": "dist/shared.esm-bundler.js",
diff --git a/packages/vue-compat/package.json b/packages/vue-compat/package.json
index 216fb71e0c9..6503406872b 100644
--- a/packages/vue-compat/package.json
+++ b/packages/vue-compat/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compat",
-  "version": "3.4.31",
+  "version": "3.4.32",
   "description": "Vue 3 compatibility build for Vue 2",
   "main": "index.js",
   "module": "dist/vue.runtime.esm-bundler.js",
diff --git a/packages/vue/package.json b/packages/vue/package.json
index 3b83a6b70a2..df1f4ea2c17 100644
--- a/packages/vue/package.json
+++ b/packages/vue/package.json
@@ -1,6 +1,6 @@
 {
   "name": "vue",
-  "version": "3.4.31",
+  "version": "3.4.32",
   "description": "The progressive JavaScript framework for building modern web UI.",
   "main": "index.js",
   "module": "dist/vue.runtime.esm-bundler.js",