Bumping version to 1.11.0rc1 and generate changelog

Author: FishtownBuildBot

.bumpversion.cfg

@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 1.11.0b4
+current_version = 1.11.0rc1
 parse = (?P<major>[\d]+) # major version number
 	\.(?P<minor>[\d]+) # minor version number
 	\.(?P<patch>[\d]+) # patch version number

.changes/1.11.0-rc1.md

@@ -0,0 +1,28 @@
+## dbt-core 1.11.0-rc1 - November 18, 2025
+
+### Features
+
+- Allow for defining funciton arguments with default values ([#12044](https://github.com/dbt-labs/dbt-core/issues/12044))
+
+### Fixes
+
+- Fix parse error when build_after.count set to 0 ([#12136](https://github.com/dbt-labs/dbt-core/issues/12136))
+- Stop compiling python udfs like python models ([#12153](https://github.com/dbt-labs/dbt-core/issues/12153))
+- For metric names, fix bug allowing hyphens (not allowed in metricflow already), make validation throw ValidationErrors (not ParsingErrors), and add tests. ([#n/a](https://github.com/dbt-labs/dbt-core/issues/n/a))
+- Include macros in unit test parsing ([#10157](https://github.com/dbt-labs/dbt-core/issues/10157))
+
+### Under the Hood
+
+- add dbt/jsonschemas to manifest.in ([#12126](https://github.com/dbt-labs/dbt-core/issues/12126))
+- Move from setup.py to pyproject.toml ([#5696](https://github.com/dbt-labs/dbt-core/issues/5696))
+- Fixes issue where config isn't propagated to metric from measure when set as create_metric:True ([#None](https://github.com/dbt-labs/dbt-core/issues/None))
+- Support DBT_ENGINE prefix for record-mode env vars ([#12149](https://github.com/dbt-labs/dbt-core/issues/12149))
+
+### Dependencies
+
+- Drop support for python 3.9 ([#12118](https://github.com/dbt-labs/dbt-core/issues/12118))
+
+### Contributors
+- [@WilliamDee](https://github.com/WilliamDee) ([#None](https://github.com/dbt-labs/dbt-core/issues/None))
+- [@nathanskone](https://github.com/nathanskone) ([#10157](https://github.com/dbt-labs/dbt-core/issues/10157))
+- [@theyostalservice](https://github.com/theyostalservice) ([#n/a](https://github.com/dbt-labs/dbt-core/issues/n/a))