The word "旌旗" is formed by combining two characters, each independently meaning a type of flag. The character "旌" is composed of the semantic radical "㫃", which signifies a flag, and the phonetic component "生", which suggests its pronunciation, while denoting a specific flag often decorated with feathers. The character "旗" similarly uses the radical "㫃" for meaning and the component "其" primarily for sound, representing a general banner. Together, they form a compound where both characters contribute directly to the overall meaning of flags or standards.