How do you compute the DC operating point (IC,VCE) and draw an AC equivalent circuit?
For the DC analysis, remove all capacitors (they act as open-circuit devices at DC) and calculate the DC emitter current (Ie), with which you calculate r_e=vt/Ie.
For the AC analysis, short all capacitors (if you're thinking of ideal analysis for very large frequencies), calculate r_pi by r_pi=r_e(Beta+1) and then draw the common emitter ac equivalent model, which is likely the one you'll be using in your analysis.