What is Apple going to update with the Apple Watch Series 11?

This is another year of Apple Watch.
Last year, we got a "redesign" of the Apple Watch with the Apple Watch Series 11. Since its redesign obviously didn't bring much to the Apple Watch (other than a nice, new display), what could Apple upgrade for the Watch this year?
The biggest thing that Apple is updating is actually the software. The major features the past couple of years for each Apple Watch upgrade have actually been software upgrades, not hardware in the past couple events, so it is likely that Apple will do the same.

The updates that were most prominent for watchOS 26 were the AI Workout Buddy and the redesigned Workout App, along with the visual changes of Liquid Glass. Those will likely be the feature of the event, other than the 3 models Apple is upgrading.
Apple is set to launch upgrades for the Apple Watch Series 11, the Ultra 3, and the SE 3. This is quite a big year since Apple hasn't upgraded all 3 at once in a while. The thing that is going to be in all of the Apple Watches is supposedly 5G technology, something that suprisingly has still not made it into any Apple Watches yet.
Apple's September 9th event will be amazing, and they will certainly change the iPhone line, but maybe not the Apple Watch line as much. We will have to see what Apple does soon.