diff --git a/CHANGELOG.md b/CHANGELOG.md
index 01950cf..cee5a9e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,7 +2,31 @@
 
 ## Unreleased
 
-No unreleased changes yet.
+v0.5.0 release candidate notes:
+
+### Added
+
+- Added local baseline comparison for overview reports so a later run can be
+  checked against a saved local JSON baseline. (#203)
+- Added incident timeline evidence to the TUI and report surfaces. (#204)
+- Added tool authority summaries to HTML, Markdown, and text overview reports.
+  (#210, #212, #214, #219, #221)
+
+### Changed
+
+- Improved overview report readability for Unicode text, incident rows, and
+  terminal-readable authority summaries. (#216, #217, #219, #221)
+- Aligned public README, docs, site metadata, and discovery surfaces with the
+  current local coding-agent session coverage. (#197, #202, #228, #229, #230,
+  #231, #232)
+- Removed stale package-channel and launch-kit surfaces so release-facing
+  install guidance stays limited to available channels. (#225, #226)
+
+### Validation
+
+- Added and refreshed release-surface, report-semantics, Pages artifact, and
+  parser-coverage checks for the v0.5.0 release train. (#178, #182, #184, #205,
+  #208)
 
 ## v0.4.6 - 2026-05-10
 
diff --git a/README.md b/README.md
index 1acac43..c15f3de 100644
--- a/README.md
+++ b/README.md
@@ -20,7 +20,7 @@
   <a href="https://goreportcard.com/report/github.com/luoyuctl/agenttrace"><img src="https://goreportcard.com/badge/github.com/luoyuctl/agenttrace" alt="Go Report Card"></a>
   <img src="https://img.shields.io/badge/go-1.25+-00ADD8.svg" alt="Go">
   <img src="https://img.shields.io/badge/license-MIT-green.svg" alt="License">
-  <img src="https://img.shields.io/badge/Homebrew-v0.4.6-2bbc8a.svg" alt="Homebrew">
+  <img src="https://img.shields.io/badge/Homebrew-v0.5.0-2bbc8a.svg" alt="Homebrew">
 </p>
 
 <p align="center">
@@ -64,7 +64,7 @@ agenttrace
 That local run found:
 
 ```text
-AGENTTRACE v0.4.6
+AGENTTRACE v0.5.0
 ```
 
 | Signal | What agenttrace found |
diff --git a/README.zh-CN.md b/README.zh-CN.md
index d826e32..a229d48 100644
--- a/README.zh-CN.md
+++ b/README.zh-CN.md
@@ -20,7 +20,7 @@
   <a href="https://goreportcard.com/report/github.com/luoyuctl/agenttrace"><img src="https://goreportcard.com/badge/github.com/luoyuctl/agenttrace" alt="Go Report Card"></a>
   <img src="https://img.shields.io/badge/go-1.25+-00ADD8.svg" alt="Go">
   <img src="https://img.shields.io/badge/license-MIT-green.svg" alt="License">
-  <img src="https://img.shields.io/badge/Homebrew-v0.4.6-2bbc8a.svg" alt="Homebrew">
+  <img src="https://img.shields.io/badge/Homebrew-v0.5.0-2bbc8a.svg" alt="Homebrew">
 </p>
 
 <p align="center">
diff --git a/homebrew/Formula/agenttrace.rb b/homebrew/Formula/agenttrace.rb
index ad35000..08a4ff3 100644
--- a/homebrew/Formula/agenttrace.rb
+++ b/homebrew/Formula/agenttrace.rb
@@ -2,7 +2,7 @@ class Agenttrace < Formula
   desc "TUI observability for AI coding agent sessions, cost, latency, and anomalies"
   homepage "https://github.com/luoyuctl/agenttrace"
   url "https://github.com/luoyuctl/agenttrace.git", branch: "master"
-  version "0.4.6"
+  version "0.5.0"
   license "MIT"
 
   depends_on "go" => :build
@@ -12,6 +12,6 @@ def install
   end
 
   test do
-    assert_match "agenttrace v0.4.6", shell_output("#{bin}/agenttrace --version")
+    assert_match "agenttrace v0.5.0", shell_output("#{bin}/agenttrace --version")
   end
 end
diff --git a/internal/engine/engine.go b/internal/engine/engine.go
index f2d27d1..1b03740 100644
--- a/internal/engine/engine.go
+++ b/internal/engine/engine.go
@@ -15,7 +15,7 @@ import (
 	"github.com/luoyuctl/agenttrace/internal/i18n"
 )
 
-const Version = "0.4.6"
+const Version = "0.5.0"
 
 // Severity constants for anomaly severity (internal, not i18n).
 const (
diff --git a/site/demo-report.html b/site/demo-report.html
index 92e3acd..dd6a3ab 100644
--- a/site/demo-report.html
+++ b/site/demo-report.html
@@ -18,7 +18,7 @@
 <main>
 <header>
 <div><div class="brand">agenttrace</div><h1>AI agent session overview</h1><p>Static report generated from local coding-agent traces.</p><p>Static sample data: this local-first snapshot is a representative public artifact, not a full current generated report; current demo output may include incident timelines, baseline comparison fields, and tool authority summaries. No hosted tracing or uploaded logs.</p></div>
-<div class="meta">v0.4.6<br>1761 Sessions<br><code>agenttrace --overview -f html</code></div>
+<div class="meta">v0.5.0<br>1761 Sessions<br><code>agenttrace --overview -f html</code></div>
 </header>
 <div class="grid" aria-label="summary metrics">
 <div class="metric"><span>Sessions</span><strong>1761</strong><p>1411 Healthy / 334 Warning / 16 Critical</p></div>
diff --git a/site/index.html b/site/index.html
index 98470dd..59a087f 100644
--- a/site/index.html
+++ b/site/index.html
@@ -30,7 +30,7 @@
         "applicationCategory": "DeveloperApplication",
         "applicationSubCategory": "AI agent session observability",
         "operatingSystem": "macOS, Linux, Windows",
-        "softwareVersion": "0.4.6",
+        "softwareVersion": "0.5.0",
         "description": "Local-first TUI and report generator for reviewing AI coding agent cost, tokens, health, latency, failures, baseline deltas, incident timelines, and tool authority evidence across historical sessions.",
         "keywords": "AI coding agent observability, Claude Code logs, Codex CLI logs, Gemini CLI sessions, Qwen Code sessions, Cline task history, Aider chat history, Cursor exports, Hermes Agent sessions, OpenCode storage, OpenClaw sessions, Pi sessions, Oh My Pi sessions, Kimi CLI traces, Copilot-style logs, generic JSON/JSONL traces, token cost tracking, local-first TUI",
         "featureList": [
@@ -97,7 +97,7 @@ <h1>Inspect local agent logs from a terminal TUI.</h1>
         <div class="hero-visual" aria-label="agenttrace real local run dashboard preview">
           <div class="window-bar">
             <span></span><span></span><span></span>
-            <strong>agenttrace v0.4.6</strong>
+            <strong>agenttrace v0.5.0</strong>
           </div>
           <img src="assets/readme-real-overview.png" alt="agenttrace overview from a real local run with sessions, token cost, latency, and health" />
         </div>