Step 1: Recall the transistor model at high frequencies.
At high frequencies, the effects of the internal junction capacitances become significant.
These include:
\[
\begin{aligned}
& C_{be} \quad \text{(Base-Emitter capacitance)},
& C_{bc} \quad \text{(Base-Collector capacitance)}.
\end{aligned}
\]
Step 2: Choose the correct option.
Therefore, the high-frequency transistor model must include
\[
\boxed{\text{Junction capacitances}.}
\]
Hence,
\[
\boxed{(A)}
\]
is the correct answer.