1
sharing an umbrella;being under one umbrella
男子学生同士が相合傘か、なかなかオツなシチュエーションだな。
Two male school pupils sharing an umbrella? That's quite a queer situation.
2
drawing of an umbrella with two names under it (equivalent of "X loves Y")
Other forms
相合い傘 【あいあいがさ】 · あいあい傘 【あいあいがさ】 (search-only kanji form) · 相々傘 【あいあいがさ】 (search-only kanji form) · 相相傘 【あいあいがさ】 (search-only kanji form) · 愛愛傘 【あいあいがさ】 (search-only kanji form) · 愛々傘 【あいあいがさ】 (search-only kanji form)